Right but from a quick scan of https://www.leg.state.nv.us/NRS/NRS-651.html (admittedly very quick) it appears all he has to do is post a rate card for his maximum daily rate and not discriminate against guests.
From a quick scan of what I think is likely the HOA rules (http://valenciahoa.com/admin/uploads/r&r.pdf), you can't have sub-30 day leases. I'm not sure this is the right HOA, but from the Google Street View, the logos are the same.
Hy HOA (not in Nevada) has this exact same clause, and when I read about this, I wondered what his HOA would say. If I were an HOA, I'd be pretty concerned about AirBNB.